Is your budget stretched tighter than ever right now? It’s a common problem, as new research reveals that almost eight in 10 Americans (78%) say “everything” became more expensive last year. And unfortunately, 46% think over the course of this year, things will get even more expensive.
According to a survey of 5-thousand adults across the country, split evenly by state and generation, because of this lack of affordability nearly nine in 10 (87%) believe the U.S. is now in a “cost of living crisis.”
- People admit they’re struggling to pay their bills, like rent, on time every month (52%) or can’t afford necessities, like groceries (50%).
- More than a third (38%) of those polled have even moved to a different city (38%) or state (34%) to lower their cost of living because where they were living became too expensive.
- Younger Americans are much more likely to have relocated, as 51% of Gen Z has, compared to 19% of baby boomers.
- The lack of affordability has about half of respondents thinking they’ll never be able to live in their “ideal” city (52%) or state (48%).
- Believe it or not, some Americans are actually looking forward to doing their taxes this year, to help with the high cost of living.
- Half of those surveyed are expecting to get a refund after filing and 73% of those admit they need that refund more than ever. And 60% say they also need that refund earlier than ever before.
- Over half (58%) think they’ll be getting a “meaningful” amount back, which they define as at least $21-hundred.
- But most people aren’t planning to splurge or shop when that refund hits their bank account. The majority say they’ll be using that money for necessities (27%), savings (24%) and paying down debt (24%).
- Only 14% will be spent on fun stuff, like vacations, concerts and events.
Source: Talker
Scott's Thoughts:
- Would you agree that there’s an affordability crisis? How has it affected you?
- Groceries, Power Bill, Gas, Insurance, Car Payment, Credit Card Bills... It's all just too much!
- I don't use the IRS as a savings plan, but I get a little bit back.